Recent Blog Posts
Comprehensive Estate Planning Can Prevent Family Disputes
If you were to ask your children or other family members what you should do about dividing your assets and property upon your death, you would likely get a variety of answers. Some may suggest that you just divide it equally—without offering ways to determine what “equal” means. Others may remind you that you can make any arrangements that you want since it is your property. Of course, chances are also good that the same family members telling you to do whatever you think is best could be the same ones who are offended when they discover that their inheritance is not what they expected it would be. Fortunately, a qualified estate planning lawyer can offer a great deal of insight into planning for the future and, based on previous experience, can even provide advice on how to prepare your family for what is ahead.
Determine Your Priorities
Those who remind you that you have the right to do with your estate what you wish are exactly correct. You certainly have that right. However, it is important to consider how dividing your assets could affect your family and loved ones over the long term. You may decide that you do not really care if family members are upset or offended by your choices since you will be gone, and that too is your right. For many people, the specific property and assets that each heir receives are far less important than maintaining stable, trusting family relationships. Although it is not true in every situation, you may have the power with your estate planning decisions to positively or negatively affect your surviving family. Use it wisely.
Study Suggests it Can Take Years to Financially Recover from Divorce
Ending a marriage is a difficult endeavor with many possible financial pitfalls from which a person may spend years trying to recover. In fact, one study suggests that it may take as long as five years to overcome the financial impact of a divorce. In some cases it may take even longer, possibly decades. However, there are ways to minimize the financial risks of divorce, especially if you are well prepared and you have the guidance of a qualified divorce attorney.
The Intersection of Divorce and Debt
Most Americans have debt. Some fail to manage it responsibly, but others are diligent about only taking on obligations they can afford. However, both groups are at risk of financial difficulties after a divorce. This is due, in part, to the splitting of one household into two. Each party must now cover their own separate bills, housing expenses, and utilities. They must also be able to pay the share of the marital debt that was allocated to them, which can be difficult to manage on a single income. The more debt a couple has going into the divorce, the higher their risk typically is.
Basic But Essential Estate Planning Steps in Illinois
Estate planning can be a complex matter, with state and federal laws to consider, but the initial steps do not have to be complicated. In fact, almost anyone can complete an effective estate plan with the right mindset and good advice from an experienced estate planning attorney. While some estates are more complicated than others, there are basic concepts that apply to virtually every situation.
Know Your Assets
From your real estate property, to the remainder of your retirement plan, to your beloved baseball card collection, it is crucial that you know what you own before you start the estate planning process. Start by gathering detailed documents for all of your financial accounts, including bank accounts, savings bonds, and retirement accounts, as well as your real estate, vehicles, and other large assets. Then make a list of family heirlooms and property that may have value. If necessary, have items appraised so that you know how much you are leaving to each of your heirs.
Mitigating the Risk of Heart Disease or Stroke Linked to Divorce
When it comes to health complications, divorcees have the odds stacked against them. In fact, studies have linked divorce to everything from weight gain and depression to an increased risk of experiencing a heart attack. Granted, an increased risk does not mean you will experience a stroke, nor does it mean you should avoid divorce if it truly feels like the right path for your life. However, it does suggest that divorcees should know how to protect their health and mitigate against the risks.
Examining the Possible Link
Nearly anyone who has endured divorce can tell you it is an emotionally, mentally, and sometimes even physically trying experience. Thankfully, the stress usually diminishes over time, but the damage could already be done by the time things calm down. In fact, experts now believe that stress may be the driving factor behind all links to potential heart conditions. It certainly makes sense when you consider what stress does to the body.
Co-Parenting Challenges for Healthcare Workers During COVID-19
The divorce process often involves challenging questions regarding how parents will fairly allocate parenting time and decision-making responsibility regarding important issues related to their children’s health and education. Sometimes, these issues must be resolved through trial litigation, while in other cases they can be settled out of court by parents who are committed to working together for the sake of their children. However, even the most cooperative and committed parents have been tested by the COVID-19 pandemic, and divorced parents who are healthcare workers face unique challenges when it comes to co-parenting and acting in the best interests of their children.
Co-Parenting Issues in a Health Crisis
If you or your former spouse works in healthcare, you have likely faced many of the following challenges in your attempts to co-parent effectively in the past year:
What Happens During the Illinois Probate Process?
When an Illinois resident dies, his or her estate will often need to go through the process of probate. In Illinois, probate is required to validate and administer the decedent’s will, or to determine that the decedent did not have a valid will in place. Depending on the circumstances, probate can be a long and daunting process, and it may be a source of stress when there are arguments about the estate, but understanding the process can go a long way in helping you through it.
The Role of the Executor or Estate Administrator
During the probate process, an estate executor or administrator manages the assets and debts of the deceased. If there is a valid will, it will usually name the person who will serve as executor. In the absence of a will, the court will appoint an administrator, which will often be the closest surviving family member. Named executors can decline their duties if they are unwilling or unable to fulfill them.
4 Common Estate Planning Mistakes in Illinois
Estate planning can be simple, but most often, it is a bit more complex than most people realize. Regardless of your situation, the best way to ensure your wishes are known and followed after your death is to have the proper documents in place by creating a will and appropriate trusts with the help of a skilled estate planning attorney. It also helps to know some of the most common mistakes made by those creating estate plans, including:
Failing to Plan at All
The statistics are alarming: more than half of all Americans do not have an existing will. Unfortunately, if you die without an estate plan, your assets will be divided according to the intestate succession laws of Illinois. Not only is it highly unlikely that this will happen according to your wishes, but the process of probate can end up chipping away at—and potentially decimating—the assets you have left behind.
What if a Guardian ad Litem Is Assigned to My Child Custody Case?
Many of the most important issues that must be resolved during the divorce process are related to the couple’s children, including parenting time, parental responsibilities, and child support. Often, divorcing parents place their children’s best interests as a high priority, and they may even be willing to work together to agree on a parenting plan without the court’s intervention. However, sometimes child-related issues in a divorce can be much more contentious, and the court may enlist the services of a guardian ad litem (GAL) to ensure that all decisions made are in the best interests of the children. If the court has assigned a guardian ad litem in your divorce, it is important for you to know what to expect.
What Does a Guardian ad Litem Do in Illinois?
How to Make the Most of Your Parenting Time After Divorce in Illinois
After your Illinois divorce, you will most likely be spending less time with your children than you are used to, even if you have been granted the larger share of parenting time. Parents whose time is limited to weekends and the occasional weeknight or special occasion may find the aftermath of a divorce to be especially hard. With these limitations on time with your children, it is even more important to make the most of the time that you do have.
Tips for Quality Parenting Time
As you work to make sure that your parenting time is meaningful and to protect your relationship with your children, here are some suggestions that can help:
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Think carefully about your parenting time schedule. One of the best ways to make the most of your parenting time is to ensure that during the time you have, you are able to focus on your children. This starts with considering your schedule and that of your children and working toward a parenting plan in which you are mostly free from work and other obligations during your scheduled parenting time. You may be able to negotiate the schedule with your spouse or make your case in court for a schedule that preserves your relationship with your children.
How Using a Living Trust to Protect Assets Can Benefit You
Many people associate estate planning with death, and as a result, they often miss out on a truly valuable instrument of asset protection and financial management during their lifetime. A great place to begin learning about and utilizing estate planning is what is known as a “living trust.” This estate planning resource can allow you greater control over the transfer of your assets to your loved ones when the time is right through a mechanism that bypasses the time and expense of probate. To begin benefitting from estate planning, whether through a living trust, a will, or other tools, work with an experienced Illinois estate planning attorney.
Functions of a Living Trust
Unlike a will or a testamentary trust, which become effective only upon your death, a living trust can become effective while you are living. For many, a primary reason to create a living trust is to protect assets from the probate process. This form of lawful asset protection is accomplished when legal ownership of the assets is transferred from you—the “grantor”—to the trust under the control of a “trustee.” The trustee holds the assets in trust for those you who have selected to benefit from them—the “beneficiaries”.
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